Collection Agency Business Plan
There are only 5 companies (give or take) in the US that process Payments for collection agencies.
They all require several years of business Bank statements to get approved in order to show them that you're legitimate.
That would be enough money to buy a slightly decent portfolio.
Rent office space and hire 2 collectors for about a month as long as there was money coming in. it will put you out of business, get sued and your first month, it will put you out of business.
Being one of the good guys will get you farther than trying to make a quick buck.
Starting a collection business from home involves getting your space ready and registering your business at the local, state and federal level for it to be a legal entity operating according to the law.
Like any business, starting this type of business also requires you to do some planning to make sure that you launch and run your business to achieve success. Clean out a spare bedroom, finished attic or finished basement for your office.
It will be rewarding after you make it past your first year.
The first year will be harder than most people realize.1 more afterthought - I don't want to discourage you.